US targets Iran crypto network over IRGC funds

(Photo: X/@SecScottBessent)

Washington, September 18 (IANS) The United States sanctioned an Iranian cryptocurrency exchange and its developer, alleging that the network helped transfer hundreds of millions of dollars in Bitcoin to Iran’s Islamic Revolutionary Guard Corps.

The Treasury Department said the exchange, BitBank, formed part of a sanctions evasion network controlled by Babak Zanjani. The action was taken under Operation Economic Outcast, the Trump administration’s economic campaign against Iran and its financial facilitators.

Those designated were BitBank, its software developer Pishtaz Simorgh Electronic Trade Company, and Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein and Seyed Adel Heidari.

“Today’s designations of Iranian digital asset infrastructure make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond OFAC’s reach,” Treasury Secretary Scott Bessent said.

“If you support the Iranian regime, the Department of the Treasury will sanction you.”

Treasury alleged that Zanjani used BitBank between June and July to facilitate transfers of hundreds of millions of dollars’ worth of Bitcoin to the IRGC. It also said the sanctioned Hormuz Safe Marine Services Authority had used the platform since June to transfer payments it received to the Iranian government.